| |
 |
|
Smart Home Loans |
|
FHA |
| Low Down Payment |
Yes |
Yes |
| Upfront MI Premium Amount |
$ 0 |
$ 4,050 |
| Upfront MI Premium Rate |
0 % |
2.25% |
| Monthly MI Payment |
$ 66 - $ 93 |
$ 75 |
| Quick Closing |
30 Business Days |
??? |
| Job Loss Protection |
Helps borrowers pay their
mortgage if they lose their job |
NO |
| Homebuyer Privileges |
Up to $3,000 in savings
from national retailers |
NO |
(Mortgage Insurance or MI and other services provided by Genworth Financial in partnership with OneUnited Bank.) Comparison based on $200,000 sales price, 90% financing, 25% MI Coverage, Fixed Rate Mortgage, & 700 FICO borrower. All MI rates are non-refundable & upfront premiums are financed into the loan – standard financing guideline is a maximum of 95% in California and Florida and 97% in Massachusetts. Annual Percentage Rate of 5.645%, interest rate of 5.125% and monthly payments of $1,073.08 for single family loan in Los Angeles County. Effective 5/13/10. Speak with a OneUnited Bank representative for current information.
An adjustable rate mortgage is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices. OneUnited offers 3 adjustable rate products - a 3-Year Adjustable, 5-Year Adjustable, and 7-Year Adjustable mortage. All our products are over the course of a 30 year term.
OneUnited Bank is your Community Development Financial Institution (CDFI). We have been serving the Boston, Los Angeles, and Miami communities for over 25 years. In the past eight years alone, we have financed over $600 million in loans, including churches, affordable housing, office buildings and retail stores - most in low to moderate income communities. As your neighborhood bank, OneUnited wants to make sure you make an educated, smart choice when making your home loan or other financial decisions.
Fixed-Rate Loans
A fixed rate mortgage is a mortgage loan where the interest rate on the note remains the same through the term of the loan, as opposed to loans where the interest rate may adjust or "float." We offer two fixed rate mortage programs - a 15 Year Fixed and a 30 Year Fixed.
Adjustable-Rate Loans
An adjustable rate mortgage is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices. OneUnited offers 3 adjustable rate products - a 3-Year Adjustable, 5-Year Adjustable, and 7-Year Adjustable mortage. All our products are over the course of a 30 year term.
MyCommunity 30 Year Fixed Rate
An affordable housing loan that can be used for the purpose of a home loan purchase or a rate and term refinance. This program allows for lower down payments and higher loan to values with reduced mortgage insurance costs. On MyCommunity products owner occupied 1 and 2 units. Income limits may apply. Additional flexibilities for teachers, police officers, firefighters, health care workers and military personnel and borrower or family member with a disability.
